A Federal High Court in Lafia, Nasarawa State, has convicted 21 companies over the operation of investment-related businesses without valid licences from the Securities and Exchange Commission (SEC).
Justice Anyalewa Onoja-Alapa convicted the companies after proceedings brought by the Abuja Zonal Directorate of the Economic and Financial Crimes Commission (EFCC).
Each company was fined N30 million, bringing the base value of the fines to N630 million. The court also ordered the companies to pay an additional N200,000 for every day the offence was committed.
The cases were filed on September 15 and 16, 2026, under Section 57(1) of the Banks and Other Financial Institutions Act, 2020.
The EFCC alleged that the companies operated specialised financial businesses without the licences required under Nigerian law. Charges against some of the companies specifically alleged that they engaged in financial investment management without a valid SEC licence.
The companies convicted include Ngwuoke Daniels Technologies, Credio Banco Ltd, Digital Company Ltd, Co Request Capital Nigeria Ltd, Mega Drop Quality Stores Ltd, Norland Global Ltd, Oxford International and Creative Agriculture Cooperative.
Qnet Nigeria Ltd, Qnet Professional Skill Academy Ltd and Mastermind Energy & Agro Nigeria Ltd were also among those convicted.
The remaining companies are Atus West Africa Investment Company, Eatrich360 Farms, Matag Agro General Services, Viables X Agribusiness Ltd, Kwakol Markets Ltd, Light Shade International Ltd, Value Growth Ltd, B12 Synergy Nigeria Ltd, Phresh Farm Ltd and Omega Pro Global Resources.
None of the companies appeared in court to enter a plea when the charges were read. EFCC counsel Nasir Umar subsequently asked the court to enter not-guilty pleas on their behalf, after which the trial proceeded.
The prosecution presented witnesses and documentary evidence, including intelligence reports, statements from investigating officers, letters connected to the investigation and responses obtained from the Corporate Affairs Commission and the SEC.
The EFCC said the investigation followed intelligence linking the companies to alleged investment fraud and operations without the necessary licences.
According to the commission, promoters of the companies were invited for questioning in December 2022 and January 2023 but failed to honour the invitations.
The convictions place renewed attention on the distinction between corporate registration and regulatory authorisation. Registration with the Corporate Affairs Commission does not by itself give a company permission to conduct activities that require approval from a sector regulator.
The ruling also carries a significant financial consequence. Beyond the N630 million in base fines, the additional N200,000 daily penalty ordered against each company could increase the total liability depending on the period covered by the court’s order.
The SEC has repeatedly warned members of the public about dealing with investment operators that do not hold the necessary licences.
The latest convictions underline the importance of verifying the regulatory status of investment businesses before committing funds, particularly where an operator claims to manage investments or provide regulated financial services.
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